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NON REVIEWED INFORMATION3rd Quarter 2014__

Conference Call / WebcastJanuary 29th 2015

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DISCLAIMER

FORWARD-LOOKING STATEMENTS:

DISCLAIMER

This presentation includes forward-looking statements within the meaningof Section 27A of the Securities Act of 1933, as amended, and Section 21Eof the Securities Exchange Act of 1934, as amended, that are subject torisks and uncertainties. The forward-looking statements, which address theCompany’s expected business and financial performance, among othermatters, contain words such as “believe,” “expect,” “estimate,” “anticipate,”“optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,”“likely,” and similar expressions. Readers are cautioned not to place unduereliance on these forward-looking statements, which speak only as of thedate on which they are made. There is no assurance that the expectedevents, trends or results will actually occur. We undertake no obligation topublicly update or revise any forward-looking statements, whether as aresult of new information or future events or for any other reason. TheCompany’s actual results could differ materially from those expressed orforecast in any forward-looking statements as a result of a variety ofassumptions and factors. These factors include, but are not limited to, thefollowing: (i) failure to comply with laws or regulations, including fraudulentactivity, corruption, and bribery; (ii) the outcome of ongoing corruptioninvestigations and any new facts or information that may arise in relation tothe “Lava Jato Operation”; (iii) the effectiveness of the Company’s riskmanagement policies and procedures, including operational risk; and (iv)litigation, such as class actions or proceedings brought by governmentaland regulatory agencies.

A description of other factors can be found in the Company’s AnnualReport on Form 20-F for the year ended December 31, 2013, and theCompany’s other filings with the U.S. Securities and ExchangeCommission.

NON-SEC COMPLIANT OIL AND GAS RESERVES:

CAUTIONARY STATEMENT FOR US INVESTORS

We present certain data in this presentation, such as oil and gasresources, that we are not permitted to present in documents filed withthe United States Securities and Exchange Commission (SEC) undernew Subpart 1200 to Regulation S-K because such terms do notqualify as proved, probable or possible reserves under Rule 4-10(a) ofRegulation S-X.

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Background: Lava Jato Operation and Investigations

“Lava JatoOperation”

conducted by the Federal

Police

Mar/14Oct/14

Need to postpone the release of the

Financial Statements

Nov/14Dec/14

� “Lava Jato Operation” reached Petrobras in March 2014 through the arrest of thecompany’s former Downstream Director, Paulo Roberto Costa, on charges of corruption,embezzlement, among other offenses.

� When the Company filed its 2013 and first half 2014 annual financial statements, there wasno evidence available that would have affected the conclusions of the Company or theindependent auditors regarding the financial statements;

� Beginning on October 8, 2014, depositions of former Director, Paulo Roberto Costa, andother investigation targets were made public, mentioning “cartelization”, “exceeding prices”and “bribery”.

With these investigations, Petrobras was not able to release the reviewed 3Q14 financialstatements, due to the time needed to:

� gain greater understanding from the ongoing internal investigations led by independent lawfirms;

� make any necessary adjustments to the financial statements.

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� The depositions to which Petrobras had access as “borrowed evidence” identify a list ofsuppliers and contractors involved in the alleged misconduct and state that the improperpayments averaged 3% of the total price of the contracts involved;

� The information currently available to the Company indicates that contracts entered intobetween January 1, 2004 and April 30, 2012 with the companies named in the depositionsmay have included amounts related to the misconduct;

� LIMITATION: The Company can’t correctly determine either the amount or the period whenthese payments were made, because the misconduct involves payments made by externalsuppliers and cannot be traced back to the company’s accounting records.

Need to Rectify the Error (IAS-8):Values improperly recognized in the Company’s PP&E due to corruption

Available Information

Given this limitation and the need to rectify the error (values improperly recognized in PP&E), the Company considered two approaches to try to quantify them.

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Methodology 1 – Average Percentage of Improper Payments

Estimation of the magnitude of the error using the average percentage mentioned in the depositions (“3%”)

� The Company identified the amounts paid from 2004 to September 2014 with respect to the contracts signedbetween Petrobras and the groups of companies mentioned in the depositions (either in isolation or as a part of aconsortium) from 01/01/2004 to 04/30/2012.

� Considering this scope of contracts and respective amendments, the Company applied the following approach:

i. Applying an average percentage of 3%, considering this the percentage of improper payments whichincreased the amounts charged to the Company;

ii. The use of specific amounts of improper payments mentioned in the depositions.

The potential effect of using this approach would be an estimated loss of R$ 4.06 billion.

Additional information regarding the ongoing investigations could result in:

a.) further adjustments;b.) expansion of the scope for contracts and companies;c.) period of analysis.

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Methodology 2 – Fair Value of Specified Assets (1/3)Concept and Approach

� Two approaches: (1) cost approach, considering the replacement cost; or (2) income approach, considering the discounted cash flows;

� The fair value of the assets was measured on a standalone and independent basis (excluding synergies Petrobras may have due to its integrated operation), in order to determine the value of these assets from the perspective of third parties (market view).

Book Value (-) Fair Value = Correction Value

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• Evaluation carried out by global firms internationally recognized as independent evaluators;• 52 assets under construction or in operation were selected that amounted R$ 188 billion, 1/3 of the company’s total fixed

assets (R$ 600 billion); • The analysis of 19% was conducted by the technical teams of Petrobras, employing full methodological consistency and

the same assumptions as the work carried out by the independent evaluators.

129.0

Others*

120.0

9.0

PP&E related to the companies named as part of

the cartel

Contracts signed between 2004 and Apr/12

R$ billion

These R$ 120 billion are included in the R$ 188,4 billion of evaluated assets

411.7Not Evaluated

188.4 Evaluated**

600.1

Consolidated PP&E

* Fixed assets with contracts in Lava Jato Operation without economic-financial evaluation represent a high amount of assets of various nature with non material individual book value ** considers non-Petrobras portion of Tupi BV (R$ 3.6 billion).

81%

19%

Independent Evaluators

Petrobras

R$ 188.4 billion 52 assets

24 assetsR$ 152.8 bi

28 assetsR$ 35.6 bi

R$ billion

Methodology 2 – Fair Value of Specified Assets (2/3)52 Assets Selected

Contracts forEvaluation

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The difference should be understood as being comprised of several components of different natures, being impossible to quantify them individually, as for example:

changes in price and margin projections of inputs

changes in price, margin and demand projections of traded products

changes in equipment prices, inputs, wages and other correlated costs

deficiencies in project planning (engineering and supply)

contracting made before the conclusion of the basic project

changes in economic/financial variables, such as exchange and discount rate, risk indicators and cost of capital

Fair Value of the assets lower than book value Fair Value of the assets higher than book value

31 assetsEstimated Amount: - R$ 88.6 billion

21 assetsEstimated Amount: + R$ 27.2 billion

Wea

knes

sR

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Methodology 2 – Fair Value of Specified Assets (3/3)Results and Weakness

contractual clauses inappropriate to changes in scope: term and value amendments

delays and inefficiency in the execution of constructions, also because of environmental conditions

cartelization of suppliers: corruption and overcharging

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� The comparison between the fair value and the book value does not isolate theamount related to corruption and therefore is not an adequate proxy;

� We have decided not to use the methodology of determining the fair value as a“proxy” to adjust the company’s fixed assets due to fraud and corruption, becausethis adjustment would include elements with no direct relation with the unlawfulpayments;

� We will give proper treatment to the information contained in the report of theindependent appraisers (fair value calculation), in order to adjust the book value ofthe assets of the Company, if necessary;

� We are going to further examine another methodology that takes into accountvalues, deadlines and information from the depositions, in compliance with therequirements of the regulators (CVM and SEC), aimed at releasing the financialstatements reviewed as soon as possible.

Conclusion and Next Steps

Petrobras’s cash position or operating cash flow is not affected by any adjustments arising from corruption or any other related to the amount of its assets.

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4.6

-48%

8.8

2Q14 3Q14

R$ Billion

3Q14 ResultsOperating Income 48% lower than 2Q14.

Operating Income 3Q14 x 2Q14

� Write-down of the amount related to the construction of refineries Premiium I and II (R$ 2.7 Bn)

� Employee compensation costs arising from the 2014 Collective Bargaining Agreement (R$ 1.0 Bn)

� Losses due to the registration of allowance for doubtful accounts over receivables of Independent Energy Producers (R$ 1.3 Bn)

� Agreement signed as to the performance of the Bolivian natural gas import contract (R$ 0.9 Bn).

� Higher oil production, resulting exports (R$ 2.4 Bn)

� Extraordinary gain from out-of-court agreement related to P-19 and P-31 (R$ 0.5 Bn)

Operating Income

Operating Income and EBITDA were impacted, mainly, by the write-down of Premium I e II (R$ 2.7 Bn) and bythe estimated losses on provision of Electricity Sector (R$ 1.3 Bn).

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-48%

3.1

4.6

8.8

-38%

5.0

2Q14 3Q14

R$ Billion

3Q14 ResultsOperating Income 48% lower than 2Q14. Decrease of 38% of Net Income.

Net Income

Operating Income

Net Income 3Q14 x 2Q14

� Write-down of the amount related to the construction of refineries Premiium I and II (R$ 2.7 Bn)

� Employee compensation costs arising from the 2014 Collective Bargaining Agreement (R$ 1.0 Bn)

� Losses due to the registration of allowance for doubtful accounts over receivables of Independent Energy Producers (R$ 1.3 Bn)

� Agreement signed as to the performance of the Bolivian natural gas import contract (R$ 0.9 Bn).

� Higher oil production, resulting exports (R$ 2.4 Bn)

� Extraordinary gain from out-of-court agreement related to P-19 and P-31 (R$ 0.5 Bn)

� Monetary restatement of the asset contingency related to the improper PIS and COFINS payments over finance income between Feb/99 and Dec/02 (R$ 1.4 Bn)

� Lower Income Tax - IR and CSLL (R$ 1.6 Bn)

Operating Income and EBITDA were impacted, mainly, by the write-down of Premium I e II (R$ 2.7 Bn) and bythe estimated losses on provision of Electricity Sector (R$ 1.3 Bn).

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-27%

5.0

11.8

4.6

-48%

16.2

8.8

3.1 -38%

2Q14 3Q14

R$ bilhão

3Q14 ResultsOperating Income 48% lower than 2Q14. Decrease of 38% of Net Income. Decrease of 27% of EBITDA.

Net Income

EBITDA

Operating Income

EBITDA 3Q14 x 2Q14

� Write-down of the amount related to the construction of refineries Premiium I and II (R$ 2.7 Bn)

� Employee compensation costs arising from the 2014 Collective Bargaining Agreement (R$ 1.0 Bn)

� Losses due to the registration of allowance for doubtful accounts over receivables of Independent Energy Producers (R$ 1.3 Bn)

� Agreement signed as to the performance of the Bolivian natural gas import contract (R$ 0.9 Bn).

� Higher oil production, resulting exports (R$ 2.4 Bn)

� Extraordinary gain from out-of-court agreement related to P-19 and P-31 (R$ 0.5 Bn)

Operating Income and EBITDA were impacted, mainly, by the write-down of Premium I e II (R$ 2.7 Bn) and bythe estimated losses on provision of Electricity Sector (R$ 1.3 Bn).

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Financial Ratios – Indebtedness

R$ Billion 12/31/13 09/30/14

Short-term Debt 18.8 28.2

Long-term Debt 249.0 303.5

Total Debt 267.8 331.7

(-) Adjusted Cash and Cash Equivalent 46.3 70.3

= Net Debt 221.6 261.4

US$ Billion

Net Debt 94.6 106.7

� Adjusted Cash and Cash Equivalents of R$ 70.3 Bn on 3Q14

� Total debt impacted by Real devaluation.

� ND/EBITDA = 4.63x

� LEVERAGE = 43%

Covenants of Debt Agreements

Covenants related to Annual Financial Statements:

� Bilateral Debt requires the disclosure of audited Annual Financial Statements within 120 days after the yearend + 30 or 60 days of grace period;

� Bonds requires the disclosure of audited Annual Financial Statements to the trustee within 120 days after theyear end + 60 days of grace period, which starts with the notification.

The disclosure of the financial statements of the 3Q-2014, not reviewed by independent auditors, aims to comply with covenant obligations in debt agreements

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2015 Forecast – Oil Production Target: 2,125 th. bpd

Future production perspectives:

� New systems will be in pre-salt, which represents excellent productivity, with an average of 20 th. bpd per will,reaching more than 35 th. bpd in some cases.

� Roncador problems will be solved and will not impact the production curve in the long term.

Progress in the ramp-up of production units that started-up in 2013/14 ensured by a larger PLSVs fleet (19), with highlight to FPSO Cid. Ilhabela and Cid. Mangaratiba.

Connection of 69 wells (producers + injections) .

Natural decline of Petrobras’ fields stable, around 9%.

Start-up of FPSO Cid. Itaguaí (4Q15).

Impact of delivery delays and lower level of platforms completion by shipyards in 2014.

Delay in P-61 installation due to more severe environmental conditions (1Q15).

Revision of Roncador Modules 3 (P-55) and 4 (P-62) potential.

• Water injection deficit:Intensification of injection, with repressuriztion normalized in 12 months.

• Heterogeneity and compartmentalization of reservoir not expected.

Decommissioning of the production of FPSO Marlim Sul.

Oil Production(th. bpd)

2015Forecast

2,125

2014

2,034

4.5%+/- 1 p.p.

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US$ 50 to 70 / bblThe current oil levels are favorable to the Company in 2015 horizon

R$ 2.60 to 2.80 / USD

Oil Price

Target: Positive Free Cash Flow

Exchange Rate

Gasoline and diesel prices will be maintained. Review of the policy for all others oil products.Price Policy

� Reducing the pace of projects, with low or no contribution to the cash in 2015 and

2016 in Downstream, Gas and Power and Exploration and Production segments.

� 2015 CAPEX: between US$ 31 and 33 billion.

CAPEX

Guarantees from the Brazilian Federal Government to the receivables of the Electric Sector which will allow the negotiation of these credits in the financial market.

Working capital optimization

Minimum Operational Cash of ~US$ 8 billion.Minimum Cash

2,105 to 2,146 thousand bpd(4.5%, +/-1p.p.)

Around US$ 80 / bbl

Oil Production

Average ARPBasic Oil Products *

* Average Realization Price of Diesel, Gasoline, Naphtha, LPG, Jet fuel and Fuel oil

2015 Projections - Cash Flow Assumptions

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Cash Flow for 2015: No Need for Funding

� Assuming no change in domestic prices and market share maintenance, every US$ 5 of decrease in Brent price increases the cash flow in ~ US$ 0.5 billion.

Oil Price

� Assuming constant Brent in Reais and market share maintenance, each 5% decrease in ARP reduces the cash flow in ~ US$ 3 billion.

Average RealizationPrice

3

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2015 Initial Balance CAPEX DivestmentDividends, Amortizationand Interest

OperationalGeneration

2015 Final Balance

US$ Billion

Variation due to Brent and exchange rate scenarios28 to 32 -16 to -18

-31 to -33

8 to 12

*

* Management Data.

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Corporate Governance Improvement

� 66 measures to improve governance, control and risk management: documented in standardsand minutes of management meetings that establish procedures, methods, responsibilities and otherguidelines to integrate such measures into the Company’s practices.

� Creation of the position of Executive Director of Governance, Risk and Compliance: aim ofsupporting the Company’s compliance programs and mitigating risks in its activities, including fraudand corruption, ensuring the compliance of the processes with adherence to law, norms, standardsand regulations.

� Nomination of new Governance, Risk and Compliance Officer, João Adalberto Elek Júnior:selection process conducted by specialized firm and elected from a list of three candidates submittedto the Board of Directors.

� Creation of a Special Committee (Reporting Line): composed of Mrs. Ellen Gracie Northfleet,retired Chief Justice of the Brazilian Supreme Court, Mr. Andreas Pohlmann, Chief ComplianceOfficer of Siemens AG from 2007 to 2010, and the Executive Director of Governance, Risk andCompliance, João Adalberto Elek Junior, will report to the Board on the independent internalinvestigation being conducted by TRW and Gibson Dunn.

The Company continues to improve its internal controls, having, as main inputs, the results of the Internal Investigation Committees.

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Information:

Investor Relations

+55 21 3224-1510

petroinvest@petrobras.com.br

NON REVIEWED INFORMATION3rd Quarter 2014__